Richard Branson to invest $250m in Virgin empire
Richard Branson, the British billionaire, has committed to investing $250m into his Virgin empire to protect jobs as the UK government draws up plans to take equity stakes in airlines.
Virgin Atlantic has been one of the most vocal UK airlines in calling for state aid. Sir Richard, the chairman of Virgin Group which owns a majority stake in Virgin Atlantic, last week urged the government to provide up to £7.5bn of emergency state support to rescue the UK aviation industry.
On his blog, Sir Richard said that his businesses, which span industries such as travel, leisure and wellness, were in a “massive battle to survive”.
“Our airlines have had to ground almost all their planes; our cruise line has had to postpone its launch; our health clubs and hotels have had to close their doors and all bookings to our holiday company have stopped,” he wrote.